Housing Loan
In our society, every human being will need his / her own dwelling unit to shelter his/her family. And its every common man’s dream to have a dream home whether outright purchase or construction.
Here our CITO Nidhi will provide you Housing Loans with attractive interest rates to own your dream home.
Features and Benefits
- Can be opened by all individuals including Minors under Guardianship
- Minimum deposit amount can be invested from Rs 500/- and in multiples of Rs 100/-.
- Deposit period ranges from 12 months to 60 months
- For Women Depositors 0.50% and for Senior Citizen Depositors 0.75% Extra interest on above rates
- Nomination Facility Available, Loan Facility Available.
- Pre-Mature Closure is allowed, subject to applicable norms.
Terms and Conditions
- For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month.
- A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
- The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
- Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
- Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.
- All resident Individuals can avail
- Loan for Construction of New House
- Purchase of Independant House or Flat etc.,
- For home Improvement, Repairs, additional construction, renovation of existing houses/ Flats et.,
- In principle sanction provided in 3 days subject to the satisfaction Income proof, CIBIL and rating score
- Pre-Mature Closure is allowed, subject to applicable norms.
- Loan Period available from 3 years to 10 years with 1 year morotorium for construction loan (Only monthly interest can be paid)
- Avail Loan upto 80% of the Property value or 140% of Registration value of the property
- CIBIL deviation is allowed to avail loan with proper justification.
- For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month.
- A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
- The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
- Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
- Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.
Interest Rates Chart for Different Tenures
| Margin | 15% to 30% | |||
| Maximum Repayment Tenor | 10 Years (Including Holiday Period) - EMI | |||
| Maximum Holiday Period (For Construction Loan Only) | 12 months | |||
| Processing Charges | 1.50% on Loan Amount + GST | |||
| Legal & Technical | Rs 2000/- upto Loan Amount Rs 5.00 Lakhs | Rs 4000/- for Loan Amount above Rs 5.00 lakhs | Rs 5000/- for Loan Amount above 10.00 lakhs | |
| Primary Security | Equitable Mortgage of land & building in favoring CITO Nidhi Ltd. | |||
| Collateral Security | Can be sought based on Property Value and Location. | |||
| Co-Applicant | Co-Applicant should be Spouse or any Blood relative acceptable to Bank. | |||
| Guarantee | A suitable Guarantor wherever a co-applicant is not available. | |||
| Loan Insurance Coverage | Mandatory to take the policy to the extent of loan amount with approved Insurance Company as SINGLE PREMIUM payable by the borrower (available if the borrower is interested). | |||
| Other Terms & Conditions |
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